Stocks to Watch: M&M, LIC, L&T, Hindustan Zinc, Tata Motors

Petrochemical stock surges

The top 10 stocks that will be the subject of today’s attention are listed below:

Mahindra & Mahindra: According to people familiar with the development, Mahindra & Mahindra Ltd. is in advanced talks with international investors to raise $1–1.3 billion by selling shares in its electric vehicles (EV) unit. The move is intended to speed up the expansion plans of its recently formed subsidiary, EV Co. According to the people, who asked to remain anonymous, Mahindra is likely to raise money in several tranches over the course of the next two fiscal years, mostly through stake sales in the EV business, which is now valued at over $9.1 billion.

Life Insurance Corporation: With assets worth more than $44 trillion, India’s largest institutional investor, Life Insurance Corporation of India (LIC), intends to invest in green bonds and interest rate derivatives. “Moving forward, we believe that we should indeed purchase green bonds. Speaking at the Mumbai Mint India Investment Conference 2023, LIC managing director B.C. Patnaik remarked, “That is the manner we are looking forward to. A green bond is a fixed-income security that is issued as a means of raising funds, primarily for the expansion and sustainability of environmental or climate change projects.

L&T: Engineering and construction company Larsen & Toubro (L&T) announced on Tuesday that it has received significant orders for its hydrocarbon business totaling between 5,000 and 7,000 crores. The range of work includes upgrading current facilities in addition to designing, acquiring, building, and installing offshore structures. The engineering and construction firm Larsen & Toubro (L&T) announced in a regulatory filing that its hydrocarbon unit has “acquired multiple offshore packages from a major overseas client.”

Anil Agarwal, a multi-billionaire, owns Hindustan Zinc Ltd., which has announced its fourth interim dividend of 26 rupees per share, or a total payout of 10,985.83 crore. The record date for the dividend payment is March 29, 2023, as previously disclosed, according to an exchange filing. HZL, India’s largest integrated producer of zinc, lead, and silver, has announced its highest-ever dividend of 32,000 crore for FY 23 with this, its fourth dividend payout.

With effect from April 1, 2023, Tata Motors will raise the cost of its commercial cars by 5%. The more rigorous BS6 phase II emission requirements are the cause of the rising CV prices. Thus, the price increase will be applied to all of Tata Motors’ CV models. According to a regulatory filing by Tata Motors, “a price rise of up to 5% on its commercial cars will be implemented starting from April 1st, 2023.” It said, “The company’s efforts to comply with the more onerous BS6 phase II emission requirements led to the decision to hike costs.”

Bangalore Metro Rail Corporation Ltd (BMRCL) has awarded J. Kumar Infraprojects‘ joint venture a contract for a project worth 182.34 crores, the company announced on Tuesday. In a statement, the business claimed to own a 55% share in the joint venture between J. Kumar and AICPL (AIC Infrastructures Private Limited). “We are receiving a Letter of Award (LoA) from BMRCL for the construction of the airport depot for BMRCL-phase-2B at a total contract cost of 182,33,99,706 rupees ($18,28,69,838) exclusive of GST, according to the statement.

Power Finance Corporation: On Tuesday, the board of the Power Finance Corporation (PFC) approved the issuance of bonds, term loans, and commercial paper in both local and foreign currencies to raise money for the fiscal year 2023–24. (FY24). The board has approved the plan to borrow up to 80,000 crore in the upcoming fiscal year 2023–2024, excluding money made through extra-budgetary resources (EBR).

200 MW solar project in Solapur, Maharashtra, has been awarded to Tata Power Renewable Energy Ltd (TPREL), according to a statement made on Tuesday. The Maharashtra State Electricity Distribution Company Limited has sent the letter of award (MSEDCL). Within 18 months of the PPA’s (Power Purchase Agreement) execution date, the project will be put into operation. According to a statement from TPREL, the project was chosen through competitive bidding and a reverse e-auction.

Devyani International: In an open market transaction on Tuesday, Dunearn Investments Mauritius Pte sold a 2.8% share in restaurant operator Devyani International for $499 crore. Temasek Holdings, the sovereign wealth fund of Singapore, owns a 100% stake in Dunearn Investments, and Devyani International is Yum Brands’ biggest franchisee in India. According to the National Stock Exchange’s (NSE) bulk deal statistics, Dunearn Investments sold 3,44,30,150 shares, representing a 2.85% interest in the business.

Blue Star: On Tuesday, the manufacturer of cooling goods announced that it had received four orders totaling 575 crore, marking its entry into the railway electrification market. According to a statement from Blue Star, the company has received orders from West Central Railway, the Central Organization for Railway Electrification (CORE), and Kolkata’s Metro Railway. This will strengthen Blue Star’s position in the projects business sector, where it currently operates in the Metro Rail segment’s air conditioning and tunnel ventilation projects.